May 17 (UPI) — The Ford Motor Company will eliminate 1,400 salaried positions in North America and Asia by September, it announced Wednesday.
It said 10 percent of its worldwide salaried workforce will be cut, using “voluntary packages” of buyouts.
Reductions in its information technology and global data and analytics departments, whose growth and development has been a focus of the company, will be accomplished through early retirement and separation packages. Full details regarding the cuts are expected in June.
No North American production jobs at Ford Credit will be affected, nor will positions at the automaker’s growing Middle East and Africa units. Cutbacks at Ford’s operations in South America and Europe were previously announced.
Ford and other U.S. automakers have been encouraged by President Donald Trump to bring manufacturing jobs back to the United States. The pressure comes at a time investors are demanding growth and larger stock returns.
In the past three years, under the leadership of CEO Mark Fields, the value of Ford stock has fallen by 40 percent as sales volumes have grown, and the company’s market value has fallen behind market values of Tesla and General Motors.